Japan’s Monex considering to buy cryptocurrency exchange Coincheck

Japanese online broker Monex Group Inc said on Tuesday the item can be considering buying Coincheck Inc, the local cryptocurrency exchange hit by a high-profile $530 million theft earlier This particular year.

The company did not provide any details nevertheless the Nikkei daily on Tuesday said the deal could be worth “several billion yen” as well as also an announcement was likely This particular week.

Coincheck representatives said in an email which the Nikkei report was not something the company had announced.

The deal would certainly allow Monex to access Coincheck’s customer base, which saw a spurt in users as the cryptocurrency sector grew rapidly last year. With This particular, the broker will join some other online securities brokerages such as GMO Internet Inc as well as also Money Partners Group.

Monex shares surged 23 percent by the daily limit to 424 yen in Tokyo.

Coincheck’s Chief Executive Koichiro Wada as well as also another executive will be replaced, the Nikkei reported, adding which Coincheck as well as also Monex have already charted the plan out to regulators as well as also major investors.

Coincheck, which in January suffered one of the biggest digital money heists ever, was asked by the Financial Services Agency to improve risk management as well as also prevent further criminal use of digital money.

The Coincheck heist underscored the risks faced by policymakers in regulating cryptocurrency trading as well as also had rattled Japan, which became the first country to regulate the cryptocurrency industry by requiring all exchanges to register with the authorities.

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